Younkers building sold to Virginia company
Virginia-based New Market Investors LLC has closed on the former downtown Younkers building.
Michael Alexander, managing director of the company, confirmed the purchase of the building at 713 Walnut St. from Saks Inc. this afternoon.
The listed price had been slashed in half to $2.45 million last spring, but the final sales price was not immediately confirmed.
Alexander had said in an earlier e-mail that plans for the building could include historic preservation and conversion of the 288,000-square-foot space into apartments, commercial and retail bays and parking. New Market Investors is working with HLKB Architecture and Hansen Construction on the project.
The project will likely require many financing sources, including historic and low-income housing tax credits. The city of Des Moines agreed this month to work with New Market Investors on financing options.